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We went short from 111.90

We went short from 111.90 | 12 April 2017

12 April 2017, USD/JPY

We went short from 111.90

Wave Analysis:

Perfectly as previously forecasted, the impulsive wave (iii) dropped almost 130pips and is still pretty much bearish on the daily chart. We expect further bearish acceleration towards 109.02 and a possible break below, if this is the case, then we'll wait for minor pullbacks to the just broken line (109.02) to go continue short with the last motive wave (v) but should not go beyond 100.54. This pair should be traded alongside CADJPY, NZDJPY, USDCHF and HKDJPY. These pairs have a strong positive correlation of up to +89% and will have a similar price action during this intraday. Only buy or sell US Dollar if the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with your first target at 109.025 and the next target at 100.54.

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Bob Stan
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